With the continuous improvement of the performance and capabilities of spacecrafts, the application of active magnetic bearings (AMBs) has become a major focus in current research. The AMBs-flywheel system is not only responsible for attitude control but also provides the required energy during shadow periods. In magnetically suspended single gimbal control moment gyroscope (SGCMG), self-excited vibration caused by high-speed rotor rotation significantly affects the stability of the AMB system. The research focus lies in magnetically supporting the flywheel at high speeds with low power consumption to explore gyroscopic mechanics at ultra-high speeds and assess the corresponding stability. This study presents an assessment of the stability performance of a high-speed flywheel equipped on a single gimbal with an angular momentum of 75 Nm. To achieve ultra-high-speed operation under low driving power, a high-precise dynamic balance was performed followed by a novel unbalance control strategy of a radial and axial automatic balancing algorithm to suppress effectively synchronous vibrations due to nutation and precession. Corresponding experiments including static stable suspension experiments as well as low-speed, high-speed, and series-based stability assessments were conducted. Stable suspension at any speed ranging from 0 to 30,000 r/min was successfully implemented. The stability performance of the high-speed flywheel on a rotating platform at different gimbal speeds was verified, with a maximum speed reaching 31,200 r/min. The entire output torque process within the range of 30,000 r/min was revealed.